In 2016, the net profit attributed to the parent company increased by 80% to 110% compared with the same period last year, and the investment income of subway cooperation projects contributed greatly.
The company made a net profit of 417 million yuan in 2015, and the company expects the net profit to reach 7.5-875 million yuan in 2016, an increase of 80% to 110% over the same period last year. The main reason for the sharp increase in performance is that the company confirmed a large amount of investment income from the joint development project with Shenzhen Metro Group Co., Ltd this year.
The company's 2016 semi-annual report revealed that in 2013, the company cooperated with Shenzhen Metro Group to develop the "Jinhui Park" project. The company paid 866 million yuan to Shenzhen Metro to obtain 70% of the investment, development and income rights of residential, commercial apartments and supporting properties. The company has completed the payment as of June 30, 2016. during the reporting period, the contract sales area of the project is 34900 square meters, and the contract sales amount is 1.193 billion yuan. as the project is not included in the consolidated statement, it will not be included in the semi-annual sales data, it will be included in the investment income after the settlement of the project.
The company's record sheet of investor relations activities on November 10, 2016 shows that the "Jinhui Park" project has been sold out in two batches and has been basically sold out. We judge the significant growth in performance in 2016 or the return on investment from the project.
The financial situation is good.
By the end of the third quarter of 2016, the company's asset-liability ratio excluding advance receipts was only 59%, down 2.8 percentage points from the same period last year, ranking among the lowest in the industry; monetary funds / (short-term loans + non-current liabilities due within one year) remained at 10.9 times, with excellent short-term solvency The net debt ratio is 49%, which is much lower than the industry-wide level (by the end of the third quarter of 2016, the industry-wide net debt ratio as a whole was 97.5%).
It is expected that the goal of "mixed reform, asset integration and incentive" put forward in 2016 will make a breakthrough and maintain the "buy" rating in 2017.
In the 2015 Annual report released on March 29, 2016, the company clearly put forward: first, strengthen communication and coordination with relevant units at higher levels, with mixed ownership reform as the core, strive to establish a governance structure of state holding, decentralized shareholding by a number of state-owned strategic investors and shareholding by core management. Second, take the reform of state-owned enterprises as an opportunity, strengthen cooperation among municipal state-owned enterprises, integrate existing land resources by means of asset securitization, carry out the construction of commercial housing and indemnificatory apartment, enhance the stamina for the development of the group, and enhance the competitiveness of enterprises; third, further improve the incentive and restraint mechanism, especially the long-term incentive mechanism, implement management and backbone shareholding, and retain outstanding talents for enterprises. The above measures can be summarized as three major measures for the reform of state-owned enterprises: mixed reform, integration and incentive.
Since the CPC Central Committee and the State Council issued the "guiding opinions on deepening the Reform of State-owned Enterprises", 18 reform opinions or programs have been issued one after another, and a "one-year" policy system has been established, which is guided by the guiding opinions and supported by a number of documents. According to media reports, Shenzhen SASAC has formulated a series of system documents to deepen the reform of state-owned enterprises during the period of "1-12", which has reached a broad consensus and continuously deepened the reform of state-owned enterprises. At present, the reform implementation plan has been approved in principle of deep reorganization and deliberation by the Shenzhen Municipal CPC Committee, and has been submitted to the municipal government in accordance with the procedure.
Ten major tasks for the future reform and development of state-owned enterprises in Shenzhen have been clearly defined: first, a clear functional orientation and scientific classification; second, the construction of a state-owned assets supervision and operation system based on capital management; third, the implementation of the "big state assets" M & An and capital operation strategy and the centralized implementation of the fund group strategy; fourth, vigorously cultivate and develop strategic emerging industries and future industries; fifth, speed up the implementation of innovation-driven development strategy and "going out" strategy. Sixth, improve the corporate governance structure; seventh, deepen the reform of the market-oriented mechanism for selecting and employing personnel; eighth, vigorously promote the reform of the incentive, restraint and supervision mechanism; ninth, strengthen and improve the party's leadership over state-owned enterprises.
By 2020, the reform of China's enterprises will achieve the "six major goals": the supervision and operation system based on capital management will be more perfect; the industrial layout will be continuously optimized; the competitiveness of advantageous enterprise groups will be more prominent; the reform of mixed ownership will be further deepened; the modern enterprise system will be more perfect; and the building of the enterprise party will be strengthened in an all-round way.
In 2017, the 19th CPC National Congress will be held, and the market is expected to be a big year for the reform of state-owned enterprises, and the central and local governments will strongly support the state reform. in this context, the company's above three major national reform measures may break through.
Our "Special study on Real Estate: paying attention to the National Reform" concept Real Estate stocks released on January 9 has classified the company into the flexible portfolio of national reform concept real estate stocks and maintained the "buy" rating.